DEP OF B.

COM(hons) 6th SEMESTER

Submitted to:
Sir Fraz Ashraf Khan

Submitted by:
Hamza Shabbir (F14-31)

Assignment:
Banking Law

UNIVERSITY OF THE PUNJAB

JHELUM CAMPUS
 ACKNOWLEDGMENT

My first and foremost humble and gratitude to ALLAH the almighty for giving

me thevalor to remain dedicated to make this Project. Apart from it I take the

opportunity toacknowledge the real efforts of:

I would like to thank Sir Fraz Ashraf Khan, for his valuable support and

encouragementwhich he has offered. His words of wisdom will always be

remembered, and I am convinced that the knowledge of Banking Law that he has

imparted would go a long way andhelping us all through our professional career.
 Table of content

No. Contents

01. Introduction

02. Governance Structure of State Bank of Pakistan

03. Former Governors State Bank of Pakistan

04. About current Governor

05. Powers and function of Governors of SBP

06. Explanation of Power and function of governors of state bank of

Pakistan

07. An interview of Newsline with Mr. Wartha, explaining some roles,

power and functions he performed

08. Power and functions of governors of the central bank of the United
States
 Powers and functions of Governors of State bank of Pakistan

Introduction:

The principal officer of the State bank of Pakistan is called Governor of SBP. The

Governor SBP is the Chief Executive Officer of the Bank and manages the affairs of the

Bank on behalf of the Board. The Governor is appointed by the President of Pakistan for a

term of three years which is renewable once. He is assisted by one or more Deputy

Governors appointed by the Federal Government for a period not exceeding five years. In

addition to the Governor and Deputy Governors, the management hierarchy includes

Executive Directors, Chief Economic Advisor, and Directors of various departments.The

governor of the Bank is the chief executive officer and, on behalf of the Central Board,

conducts the business, controls the functions and manages the affairs of the Bank. The

governor is appointed by the president of Pakistan for a term of three years and can be re-

appointed for another term.(Policy et al., 1956)

Governance Structure of State Bank of Pakistan(Policy et al., 1956)

The governance framework of State Bank of Pakistan (SBP) is specified in the State Bank of

Pakistan Act, 1956 amended at times to make it more autonomous. The Act provides for an

independent Central Board of Directors and empowers it with general superintendence and

direction of affairs and business of the Bank. The governor is the chairperson of the Central

Board and manages the affairs of the Bank on its behalf. Except for the governor, all directors of

the Central Board are non-executive. The committees constituted by the Central Board comprise

non-executive directors and representatives from the management. They carry out
comprehensive review and analysis of the various proposals before these are taken to the Central

Board. There are also some management committees to deliberate upon the issues before taking

any decision on them, including Corporate Management Team (CMT) which is the apex

management committee. Central Board of Directors the Central Board of Directors consists of

the governor, secretary finance and seven non-executive directors, including one director from

each province, nominated by the federal government ensuring representation from Agriculture,

Banking and Industrial sectors. The diversified and rich experience of the directors provides an

appropriate balance of expertise and views on a range of issues affecting the strategic direction

of the Bank. The directors of the Central Board hold office for three years, and are eligible for re-

nomination on the expiry of their tenure. As provided in the State Bank of Pakistan Act, 1956,

the Central Board formulates and monitors Monetary and Credit Policy, determines and enforces

the limits on borrowing from the central bank by the federal and provincial governments. It also

tenders advice to the federal government on interaction of monetary and fiscal exchange rate

policy, analyzes and advises on the impact of various policies on the state of the economy and

discharges such other functions as may be necessary for formulating monetary policy and

regulating the monetary system of the country. (Rahat Munir, 2013) The Central Board of

Directors took various policy decisions in nine meetings held during the year. The Board

discussed and took decisions on Annual Report on the State of Economy, Corporate Governance,

Annual Performance Review, Financial Stability Report, Financial Statements of SBP and its

Subsidiaries, Monetary Policy Measures, Annual Budget, HR Policies, Compensation Package

and Review of Banking System.

First women to be appointed as a Governor of State bank of Pakistan:

The President has appointed Dr. Shamshad Akhtar as Governor, State Bank of Pakistan for a

period of three years with effect from the date she assumes the charge of the post, says a

notification issued by the Government of Pakistan, Finance Division (Internal Finance Wing)

today. She is the first woman in the history of State Bank, who has been appointed as SBP

Governor. She will be the 14th Governor since the establishment of the State Bank in 1948.

Dr. Shamshad Akhtar, who joined the Asian Development Bank (ADB) as Senior Economist

in Country Operations at the ADB in 1990, is currently the Director General, ADB,

Southeast Asia Department. She is the first female in ADB to rise to the rank of DG from

within the institution. Dr. Shamshad Akhtar has an M.S. in Economics from Quaid-e-Azam

University, Islamabad, an M.A. in Development Economics from the University of Sussex in

the U.K. and a Ph.D. in Economics from the U.K.s Paisley College of Technology. Dr.

Shamshad Akhtar was a World Bank Economist based in Islamabad until a Full bright

sabbatical in 1987 took her to the Department of Economics at the Harvard University. There

she did extensive research on poverty. She was also a visiting scholar at the Harvard

University in 1987(First Women Governor of State bank of Pakistan (DR. SHAMSHAD

AKHTAR), (SBP Governors, 2005)

Former and Acting Governor of state bank of Pakistan:

The federal government has appointed RiazRiazuddin as the acting Governor of the State

Bank of Pakistan (SBP), a notification issued on central banks website stated.Riazuddin,

who had been serving as a deputy governor at SBP, has been appointed as governor for a

period of three months or till the appointment of a regular governor.Former central bank

chief Ashraf Wathras tenure had ended on April 28, and the SBP had decided not to renew

his contract. The development came hours before the Supreme Court summoned the SBP

governor to court on Friday and rejected the SBPs nominees for a joint investigation team

that will be investigating Prime Minister Nawaz Sharif and his two sons business dealings

abroad. (National , 2017)

Current Governor of state bank of Pakistan:

Mr. Ashraf Mahmood Wathra was appointed as Governor, State Bank of Pakistan (SBP)

with effect from April 29, 2014, for a period of 3 years. His tenure as a governor has been

completed on April 28 of this year (2017).Governor SBP Wathra is also Chairman of the

SBP Board of Directors, which is a statutory body responsible for the general

superintendence and direction of the affairs of the Bank. Moreover, he is also the Chairman

of Monetary Policy Committee, an independent decision-making body responsible for

formulating Monetary Policy. Prior to taking charge as Governor, he was appointed as

Acting Governor on January 31, 2014

(State bank of Pakistan Act, 1956)

Former State Bank of Pakistan (SBP) director Tariq Bajwa has been appointed the central

bank's new governor for the next three years, according to a notification issued by the

Finance Division on Friday.Bajwa who replaces outgoing acting SBP Governor Riaz

Riazuddin joined the Civil Service of Pakistan in 1981 and has held various positions over
his 36-year career. Prior to his new appointment, Bajwa served as the chairman of Federal

Board of Revenue (FBR) from July 2013 to October 2015.He also served as a general

manager at Pakistan International Airlines and secretary finance Punjab from 2010 to

2013.This is not his first stint at the central bank, as he previously remained a director at the

SBP. He was also on the Bank of Punjab board of directors.

(State bank of Pakistan Act, 1956)Power and functions of governors of state bank

of Pakistan

Governor and Deputy Governors:

Director and controller of Affairs: (1) The Governor of the Bank shall be the chief

executive officer and shall, on behalf of the Central Board, direct and control the whole

affairs of the Bank.

Authority to conduct the business (2) In the matters not specifically required by this Act or

by regulations made there under, to be done by the Central Board or by the Bank in general

meeting the Governor shall have authority to conduct the business, control the functions and

manage the affairs of the Bank.

Appointment of a Governor of state bank(3) Subject to the provision of sub-section (11)

of this Section the Governor shall be appointed by the Federal Government for a term of

three years and on such salary and terms and conditions of service as the Federal

Government may determine, except that neither the salary of the Governor nor his other

terms and conditions of service shall be varied to his disadvantage after is appointment:
Provided that no person shall hold the office of the Governor after attaining the age of sixty-

five (65): Provided further that the Governor be eligible for re-appointment for another term

of three years; Provided further that the Federal Government may appoint a Governor under

this sub-section within one hundred and eighty days from the commencement of this Act.

Acting Governor (3A) at any time when the office of Governor is vacant, the Federal

Government may appoint an Acting Governor: Provided that the office of Governor shall be

filled in within a period not exceeding three months.

Appointment of a Deputy Governor (4) One or more Deputy Governors may be appointed

by the Federal Government for such period (not exceeding five years) and on such salary and

such terms and conditions of service as the Federal Government may determine, except that

neither the salary of a Deputy Governor nor his other terms and conditions of service shall be

varied to his disadvantage after his appointment.

Deputy Governors duty (5) A Deputy Governor shall perform such duties as may be

assigned to him by the Central Board, and shall be entitled to attend the meetings of the

Central Board but shall have no right to vote.

Tenure of a Deputy governor (6) The Federal Government may require the Governor or a

Deputy Governor to hold an office other than in the Bank, in which event the Governor or

the Deputy Governor shall vacate his office, and the period during which he holds the other

office shall not count towards his tenure of office as Governor or Deputy Governor as the

case may be.

Devotion to the affairs (7) The Governor and a Deputy Governor shall devote their whole

time to the affairs of the Bank.

Addition in duties (8) The Governor or a Deputy Governor, as the case may be, may, in

addition to his duties as the Governor or a Deputy Governor, be entrusted by an order of the

Federal Government with such duties for such period as may be specified in the order.

Eligibility for reappointment (9) The Governor and a Deputy Governor shall on the expiry

of their terms of office be eligible for reappointment. No person shall hold office as

Governor or a Deputy Governor: who is a member of the Central or Provincial Legislature;

who is employed in any capacity in the public service of Pakistan or of any Province of

Pakistan or holds any office or position for which any salary or other remuneration is payable

out of public funds; who is a director, officer or employee of any other bank or of a financial

concern or has an interest as a shareholder in any other bank or financial concern; provided

that nothing in this clause shall apply where the Governor or Deputy Governor is entrusted

with additional duties under sub-section

Grant leave (8) above; who has reached the age of sixty-five years: provided that a person

appointed or re-appointed to be the Governor or a Deputy Governor who attains the age of

sixty-five years before he has held office for a period of three years may, on such

appointment or re-appointment hold office for a period not exceeding three years. The

Federal Government may grant leave to the Governor and a Deputy Governor for such period

and on such terms and conditions as may be specified by the Federal Government.
Removal (9) Where the Governor or a Deputy Governor during his term of office is

incapacitated or is absent on deputation, leave or otherwise, the Federal Government may

appoint any person qualified under sub-section

(10) But who may not be qualified under clause (b) of that subsection to act for the time

being as the Governor or a Deputy Governor, as the case may be, in his place.

(11) Notwithstanding anything contained in sub-section (3), the Governor may designate a

Deputy Governor to preside the meetings of the Central Board during his temporary absence.

Explaination of power and Functions :

Governor of state bank direct and control the whole affairs of the Bank. Like directing and

controlling Sole Authority to Issue Notes, Conduct of Monetary and Credit Policies -

Instruments - Transition to Indirect Instruments, Regulation and Supervision of the Financial

System - Off-site & On-site monitoring - Prudential regulations ,Bankers' Bank, Lender of

the Last Resort, Banker to Government, Public Debt Management ,Management of Foreign

Exchange - Exchange Rate Regimes, Advisor to Government, Monetary and Fiscal Policies

Coordination Board, Reports on the State of the Economy, Relationships with IFIs.(AR.

Kemal, 2007)

Explanation 02, 03, (3A),4:

Related articles

Terming the reports as mere speculations, the spokesman said that at present no

proposal for appointing AtifBajwa as governor SBP is under consideration.The

 process for appointing governor SBP is however underway and a decision to this

effect would be taken in due course. Till such time, RiazRiazuddin shall continue to

serve as the acting governor, the spokesman added. Ashraf Mahmood Wathra retired

as governor SBP on April 28 this year after serving on this post for three years.

Wathra is also Chairman of the SBP Board of Directors, which is a statutory body

responsible for the general superintendence and direction of the affairs of the bank.

Prior to taking charge as governor, he was appointed as acting governor on January

31, 2014. (news, 2017).

The Directors (and the Governor) are appointed for a term of three years.

Traditionally, these directors (other than Secretary, Finance Division) are re-

appointed for a second term, though this is not a requirement of the law, and there

have been a few exceptions to this practice.(State, Of, & Decision, 2014)The federal

government has appointed Riaz Riazuddin as the acting Governor of the State Bank

of Pakistan (SBP), a notification issued on central bank's website stated.Riazuddin,

who had been serving as a deputy governor at SBP, has been appointed as governor

for a period of three months or "till the appointment of a regular governor".Former

central bank chief Ashraf Wathra's tenure had ended on April 28, and the SBP had

decided not to renew his contract.The development came hours before the Supreme

Court summoned the SBP governor to court on Friday and rejected the SBP's

nominees for a joint investigation team that will be investigating Prime Minister

Nawaz Sharif and his two sons' business dealings abroad. (DAWN, 03 MAY 2017)
 The Directors (and the Governor) are appointed for a term of three years.

Traditionally, these directors (other than Secretary, Finance Division) are re-

appointed for a second term, though this is not a requirement of the law, and there

have been a few exceptions to this practice.(State et al., 2014)

Explaination 5, 6, 7 ,8 :

An interview of Newsline with Mr. Wartha, the former governor of State bank of

Pakistan Discussing various polices, function and roles performed by him:

Consecutive governments in Pakistan have often been accused of using the central bank to

serve their own vested interests in acquiring continuous funds rather than ensuring the much

needed prepared independence of the organization. In the past, there are rare instances where

the governor of the State Bank of Pakistan (SBP) had failed the ministry of finance.

For decades, there has been a debate in Pakistan about extending full operational autonomy

to the central bank, and analysts have argued that the rising debt cannot be contained nor

commercial banks effectively regulated in the absence of such measures. How best

governments in Pakistan can ensure an improved fiscal deficit along with low inflation, are

questions that need to be addressed.

It is no secret that government after government has simultaneously borrowed from both the

SBP and commercial banks to meet their pressing funding requirements, which has

eventually resulted in the accumulation of Pakistans total public debt to over Rs 16 trillion
.However, it seems that the situation is improving, because on one hand the massive build-up

of local and foreign debt is getting unmanageable and on the other the IMF, which has

offered a conditional three-year Extended Fund Facility (EFF) amounting to US$ 6.67

billion, this time around, seems unprepared to accept the present status of the SBP. Officials

of the Fund are urging the government to amend the 1954 SBP Act to further extend its

autonomy. Unfortunately, the move is being delayed as the Standing Committee on Finance

has yet to vet and recommend the proposal to the National Assembly for final approval.

Central bank as a monetary wing

Critics of the government maintain that as long as the central bank continues to operate like

the monetary wing of the finance ministry, nothing can be achieved in terms of ensuring

operational autonomy. They also term the IMF a partner in crime for issuing waivers, every

now and then, to bail out the PML-N government. Officials of the Washington-based

multilateral agency are accused of following the dictates of the US State and Treasury

Department rather than deciding issues on merit. The three-year EFF is often termed a

political programmed rather than an economic programmed by many senior economists.

State Bank Governor Ashraf Mahmood Wathra does not, however, believe the picture is

totally bleak and asserts that things are improving to ensure maximum autonomy and

effective regulation of fiscal matters.

Governor of state bank role

After taking over as governor, I have concentrated on my job, maintaining cordial relations

with the ministry of finance in order to deliver effectively. I am not one to unnecessarily

antagonize the federal government, but that does not mean I do not say what I have to on

various issues. On the issue of autonomy, everybody knows that the government has decided

to amend the 1954 Act of the SBP to offer more operational independence to the central

bank. I am sure the standing committee of the National Assembly will soon finalist the issue

and sends it to the National Assembly for approval. For us, the most important issue is to

make the banks Monetary Policy Committee (MPC) more effective, in terms of taking

independent decisions. I can tell you that a draft has been prepared, for submission to

Parliament, to make the MPC very effective.Right now, all issues go to the SBPs Board of

Directors for approval, but after the legislation, the MPC alone will decide important issues.

Now, will this not be gauged as being amply independent? I am very optimistic that the

central bank will soon have the required operational autonomy, surely with the blessings of

the federal government and its finance minister.Unfortunately, there is a perception that the

finance ministry dictates to the central bank whose officials cannot refuse anything coming

from the centre. All the central banks around the world do at times oblige their respective

governments and there is no harm in doing so, as long as somebody does not ask you to take

illegal decisions.
Challenges which should be taken seriously

The foremost challenge right now is to substantially enhance exports, for which the central

bank is extending all possible facilities and concessions to exporters. In fact, falling exports

had been the weakest link in the economy, which is now getting the attention of both the

government and the central bank. Emerging market trends show that the current year is the

fourth consecutive year witnessing stagnating exports. Despite a reduction in the re-financing

rate to largely facilitate exporters, things did not improve.

Former Governor Talks about the monetary polices

It is said that exports cannot be increased in the presence of an overvalued Pak rupee and that

the government needs to revalue its monetary unit.

I dont agree with this view, because many a times in the past, the value of the Pak rupee was

decreased but exports still did not increase. The more important thing to understand is that

the government and central bank have left it to the market forces to determine the worth of

the Pak rupee. Why should we intervene? The need of the hour is to create an export surplus.

This export surplus will only happen when we overcome the energy shortage, one of the

major worries of the government.

The latest monetary policy statement is being termed as over optimistic by critics, who do

not agree with the central bank that the economy is moving in a favorable direction. I do not

know why some people always have a pessimistic view about the economy. Is it not true that

inflation is at a historic low, and our other economic indicators have started performing

better than before? Similarly, a further reduction of 50 basis points to 8 per cent interest rates
is also good and should encourage the private sector to borrow more for the setting up of new

businesses across Pakistan.

MrWartha Point of view on relation between IMF and Pakistan economy

He said that you can judge this by the combined release of US$ 1.1 billion to the central bank

recently. It was because of the successful combined fifth and sixth review in which the

government did not seek any waiver. The Fund officials were largely satisfied with the pace

of economic reforms in the country and this will shortly lead to the disbursement of the next

tranche. These reforms are in the areas of revenue, energy and the central bank sectors. One

should not forget that the government has undertaken a structural reforms process, without

which the Pakistani economy could not be turbo-charged.Can we say that the government no

longer faces serious economic challenges?No, I wouldnt say that, as there are challenges

which are being tackled head-on. We may have to work harder, even though a lot has been

achieved in terms of improving major economic indicators. The international financial

institutions and international rating agencies are reposing confidence in the economy, which

is good for everybody. (Haque, 2015)

Power and functions of governors of central bank of United States

The Federal Reserve System, the central bank of the United States, conducts the nation's

monetary policy, supervises and regulates banks, and provides a variety of financial services

to the U.S. government and to the nation's banks. The Federal Reserve System is supervised

by the Board of Governors. Located in Washington, D.C., the Board is a federal government
agency consisting of seven members appointed by the President of the United States and

confirmed by the U.S. Senate. The Board has about 1,850 employees.

Monetary Policy Responsibilities

The Board plays a key role in the decisions of the Federal Open Market Committee (FOMC).

The members of the Board of Governors have a majority (7 out of 12) of the votes on the

FOMC, the arm of the Fed that determines the nation's monetary policy. The five other votes

belong to the president of the Federal Reserve Bank of New Yorkit is the New York Fed

that conducts the open market operations to implement the FOMC's monetary policyand

four other Reserve Bank presidents who serve one-year terms as voting members of the

FOMC on a rotating basis. The chairman of the Board of Governors serves as chairman of

the FOMC.(Langston, 2010)

Other Responsibilities

The Board supervises the activities of the Reserve Banks, approves the Reserve Banks'

annual budgets, appoints three of the nine directors of each Reserve Bank (the others are

elected by the commercial banks in the Reserve Bank's District that are members of the

Federal Reserve System), and approves the candidate for Bank president recommended by

the directors of each Reserve Bank. The Board of Governors also approves major Reserve

Bank expenditures, such as those for the construction of buildings and the salaries of Reserve

Bank presidents.

The Board of Governors plays a major role in banking supervision, which entails the

examination of depository institutions for safety and soundness and for compliance with laws

and regulations. The Board's supervisory responsibilities extend to all bank holding
companies, state-chartered banks that are members of the Federal Reserve System, and Edge

Act and agreement corporations through which U.S. banks conduct operations abroad. In

addition, the Board also oversees the activities of the U.S. branches of foreign banks. While

the Board determines bank supervision policy, it delegates the task of conducting the

examinations to the 12 Reserve Banks.

The Board also publishes a wealth of statistics and other information about the Federal

Reserve and about the U.S. economy. For example, the data on industrial production, one of

the country's major macroeconomic indicators, are published by the Board.(FSB, BIS, &

IMF, 2009)

Appointments to the Board

By law, the president of the United States must make appointments to the Board that yield a

"fair representation of the financial, agricultural, industrial, and commercial interests and

geographical divisions of the country." The country is divided into 12 Federal Reserve

Districts, and no two governors may come from the same District.

The governors are appointed for 14 years, and the terms are staggered, with one expiring on

January 31 of every even-numbered year. A governor who has served a full 14-year term

may not be reappointed, but someone who was appointed to complete an unexpired term may

be reappointed to a full 14-year term. Once appointed, governors cannot be removed from

office for their policy views.

The length of the terms and the staggered appointments process are intended to contribute to

the insulation of the Boardand the Federal Reserve Systemfrom day-to-day political

pressures to which it might otherwise be subject. If all governors serve full terms, a U.S.

president would be able to appoint only two governors in a four-year presidential term and
foura majority of the governorsduring eight years in office. In reality, however, many

governors leave before completing their 14-year terms, and recent presidents have made

more than one appointment to the Board every two years.As stipulated in the Banking Act of

1935, one of the seven governors is appointed by the U.S. president to a four-year term as

chairman. This selection must be confirmed by the Senate. The chairman serves as public

spokesperson and representative for the Board, manager of the Board's staff, and chairman at

Board meetings. Ben S. Bernanke was sworn in on February 1, 2006, as chairman and a

member of the Board of Governors of the Federal Reserve System. He also chairs the Federal

Open Market Committee, the System's principal monetary policymaking body. Chairman

Ben Bernanke replaced Alan Greenspan, whose tenure spanned from August 11, 1987, to

January 31, 2006.

History

The Board did not always enjoy the political independence that it has today. The first Federal

Reserve Board, created by Congress in 1914, consisted of five members. The secretary of the

Treasury and the comptroller of the currency had automatic memberships, and the president

was responsible for appointing the remaining three members, subject to the approval of the

Senate. Two of the five members were designated governor and vice governor, the chief

administrative officers of the Board. The role of chairman at Board meetings was assigned to

the secretary of the Treasury.

One of the Board's earliest conflicts concerned the strong representation of the Treasury

Department on the Board. Some Board members were concerned that the presence of

Secretary of the Treasury William McAdoo and Comptroller of the Currency John S.

Williams, the two ex-officio officers on the Federal Reserve Board, created an inadvisable
link to the administration. In addition, several Board members complained that Board

meetings were held at the Treasury Department headquarters in Washington, D.C.

They were concerned that this close relationship to the Treasury might create a conflict of

interest and lead to undue political influence in the setting of monetary policy. These Board

members suggested that the Federal Reserve Board meet outside Washington to discourage

the secretary of the Treasury and comptroller from attending. Their proposal was never put

into practice, however, because Congress passed the Banking Act of 1935, which eliminated

the requirement for the secretary of the Treasury and the comptroller to serve on the Board.

The Act also renamed the Federal Reserve Board as the Board of Governors, the title of

governor as chairman, and the title of vice governor as vice chairman, and increased the

number of Board members to its current level of seven. In 1937, the Board of Governors

moved out of the Treasury building and into its own headquarters in Washington.

Reaffirming the apolitical nature of the Board, recent presidents of both major political

parties have selected the same Board chairmen. Alan Greenspan was initially appointed

chairman by Ronald Reagan, a Republican, and later was reappointed by Republican George

H. W. Bush, Democrat Bill Clinton and Republican George W. Bush. Alan Greenspan's

predecessor, Paul Volcker, was first appointed by Jimmy Carter, a Democrat, and then

reappointed by Ronald Reagan.(Fed, November 2008)

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